Hold Onto Your Money: Can You File Your Own Taxes?
April is just around the corner, and you know what that means—time to file your taxes, if you haven’t already! If you haven’t, don’t panic. You have until April 15th to get everything done, and you can generally file an extension if necessary. However, at this point if you have not received tax documents from your employers, investment accounts, etc., now is the time to contact them and inquire as to when you will be receiving them.
Filing your taxes can be expensive. Typically, the more complicated your finances are, they more expensive it is to file. However, when they’re more complicated, this is all the more reason to hire a tax professional. Still, in some cases, especially if you are good with numbers, you can file your own taxes. If you are wondering which option is best for you, check out these following articles.
Over at Careful Cents, you can see when you should hire a tax professional and when you can get away with doing it yourself. If you like numbers, go for it!
Over at Being Frugal, you can also find tips on whether you should file yourself or hire a professional. Here the author makes a good point—a professional will represent you if you end up getting audited.
Not Made of Money also has some insights as to whether you should do it yourself or consult with a professional. Recently becoming self-employed, for example, is a good reason to consult a professional.
Over at the First Million is the Hardest, you can find an important tip that we should all remember.
If you are still trying to decide which option is best for you, take a look at this article from Financial Samurai. It’s a very comprehensive look at both sides of the situation.
Have you made a decision yet? Either way, take a few minutes to check out these zany tax facts that have been collected over at Budgets Are Sexy.
All right, so who does their own taxes and who hires a CPA? Why? Share your experiences here to help others who are contemplating shelling out for a professional or doing it on their own.